Company News

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By Ale Valeriano Company News

23 Sep: ConnectedMN Awards $2.1M In Grants To Minnesota Organizations

As a founding partner in the Partnership for a ConnectedMN, Best Buy is proud to announce that $2.1 million has been awarded in grants to 23 organizations that provide support to students in urban and rural communities across the state.

ConnectedMN, a public-private partnership announced by Gov. Tim Walz in June, aims to address digital inequities facing Minnesota students by helping meet the technology and connectivity needs of families with school-aged children. This first round of grants will help an estimated 68,000 students by providing access to the computing devices and internet that is essential for distance learning and accessing critical support services.

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By Kevin Flanagan Company News

22 Sep: Best Buy Hiring Thousands For The Holidays

Best Buy is gearing up for the holidays by hiring thousands of employees across the country.

All our stores will host job fairs on Sept. 24-25 and Oct. 3-4 for seasonal positions. Those interested can apply online for jobs in sales, customer service, merchandising inventory, car install technicians and more, as well as for positions in our distribution centers.

The job fairs may include same-day interviews and on-the-spot job offers.

And new this year, Best Buy offers a minimum of $15 per hour starting pay.

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Storefront_blog
By Best Buy Company News

17 Sep: Best Buy Opening Late On Election Day, Offering Paid Time Off For Poll Workers

With Election Day less than two months away, it’s incredibly important to us that our employees feel empowered to share their voices by voting. And as we said earlier this year, we’re doing more than ever to make sure all our employees have time to do so.  

That’s why this year, for the first time, our stores won’t open until noon local time on Election Day, so our store employees have the time they need to cast a ballot in person, if they choose. Beyond that, we will make accommodations to ensure those who work in our supply chain locations, field offices, call centers and customers’ homes also get the time they need.  

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By Suzanne Hilker Company News

16 Sep: Best Buy Named A Best Employer For New Grads

It was a university career fair that first sparked Haylee Weaver’s interest in Best Buy.

The management information systems student wasn’t really sure what she was looking for at first, and she felt a bit overwhelmed by the event until she saw the Best Buy booth. It was a brand she was familiar with, so she stopped to learn more. 

She talked to a company recruiter who helped place her in an internship that matched her skills. Then, following graduation, Haylee accepted a job as a product analyst on Best Buy’s digital and technology team.

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JamieFlores
By Best Buy Company News

08 Sep: Intern Program Creates Pathways, Access To Tech Careers

The youngest of six siblings, Jaime Flores was the only one in his family born in the United States. And he’ll be the first to pursue a college degree.

He spent his senior year of high school interning at Best Buy as part of our partnership with Genesys Works, an organization that provides career pathways for high school students from disinvested communities.

It’s been a valuable opportunity for him to work at a Fortune 500 company, as he prepares to pursue a career in mechanical engineering.

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By Best Buy Company News

25 Aug: Best Buy Reports Q2 FY21 Results

Enterprise Comparable Sales Increased 5.8%

Domestic Comparable Online Sales Increased 242%

GAAP Diluted EPS Increased 85% to $1.65

Non-GAAP Diluted EPS Increased 58% to $1.71

MINNEAPOLIS, August 25, 2020 — Best Buy Co., Inc. (NYSE: BBY) today announced results for the 13-week second quarter ended August 1, 2020 (“Q2 FY21”), as compared to the 13-week second quarter ended August 3, 2019 (“Q2 FY20”).

(Click here for a PDF version. Click here to view full release and statements.)

 
Revenue ($ in millions) Q2 FY21 Q2 FY20
Enterprise$9,910$9,536
Domestic segment$9,128$8,821
International segment$782$715
Enterprise comparable sales % change15.8%1.6%
Domestic comparable sales % change15.0%1.9%
Domestic comparable online sales % change1242.2%17.3%
International comparable sales % change115.1%(1.9)%
Operating Income  
GAAP operating income as a % of revenue5.7%3.3%
Non-GAAP operating income as a % of revenue5.9%4.0%
Diluted Earnings per Share (“EPS”)  
GAAP diluted EPS$1.65$0.89
Non-GAAP diluted EPS$1.71$1.08

For GAAP to non-GAAP reconciliations of the measures referred to in the above table, please refer to the attached supporting schedule.

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By Best Buy Company News

19 Aug: Best Buy Recognized For Leading With Inclusion

Best Buy is proud to be among 98 companies named to the 2020 Diversity Best Practices Inclusion Index.

We’re one of just two retailers on the index, which helps us understand trends and gaps in demographic representation within our organization.

“I believe everyone should have an equal opportunity to achieve their dreams and be provided with access to resources and the support to do so,” said Amelia Hardy, vice president of inclusion and diversity. “Best Buy is committed to becoming one of the best places to work by creating space and experiences to allow employees, customers and communities to succeed.”

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By Best Buy Company News Sustainability

14 Aug: The Buzz On Best Buy’s Beehives

Bees are an essential part of our food supply, pollinating more than one-third of the world’s crops. And Best Buy is committed to playing a small role in helping them thrive.

For the past three years, we have partnered with groups in the Minneapolis-St. Paul area to sponsor two beehives, each buzzing with about 70,000 honeybees.

The hives are part of Best Buy’s broader efforts to positively impact the world.

“Sponsoring these beehives is a great example of how we partner with others in the community to promote environmental sustainability,” said Tim Dunn, Best Buy’s head of environmental sustainability. 

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By Best Buy Company News

28 Jul: Recognized By Forbes — And Employees — As A Best Employer For Women

Brandy Cardozo, the general manager at our Best Buy store in Melbourne Beach, Florida, remembers the exact moment a fire was lit in her to become a strong female leader.

She was working for a different retailer at the time, when her boss came up to her and said, “I don’t know why you’re working so hard. Your kind never gets promoted.” He was talking about women.

She eventually did get promoted, but one day she looked around and realized how discouraged she was by being the only woman in the room of male leaders.

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Storefront_blog
By Best Buy Company News

28 Jul: Best Buy To Close Stores On Thanksgiving Day

We can all agree that, so far, 2020 has turned out differently than what we might have expected. And now, the holiday season at Best Buy, including Thanksgiving Day, is going to look different, too.

To meet our customers’ changing lives this holiday, we’re enhancing the way we fulfill orders, from offering more convenient pickup options at our stores to making sure BestBuy.com orders arrive at the right time. We’re also going to start offering some of the hottest deals of the season earlier than ever, to make it even easier for our customers to check off their gift lists.

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By Best Buy Company News

21 Jul: Best Buy Provides Updates On Evolution Of Employee Pay And Sales Performance

Increasing Starting Hourly Wage to $15 on Aug. 2

Quarter-to-Date Sales Up Approximately 2.5% Compared to Last Year

Sales Up Approximately 15% Compared to Last Year Since Stores
Re-opened for Customer Shopping

MINNEAPOLIS, July 21, 2020 — Best Buy Co., Inc. (NYSE: BBY) today announced updates related to employee pay evolution and Q2 FY21 quarter-to-date sales performance.

Employee Pay Evolution

The company is raising the starting hourly wage for all Domestic employees to $15 effective Aug. 2.

“Strong consumer demand, combined with shopping experiences that emphasize safety and convenience, has helped produce our sales results to date,” Best Buy CEO Corie Barry said.

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By John Vomhof Jr. Company News

20 Jul: Best Buy Signs ParityPledge In Support Of People Of Color

Best Buy is proud to announce that we have signed on as a founding member of the Parity.org ParityPledge in Support of People of Color.

It’s a public commitment to interview at least one qualified person of color for every open leadership role that is at the vice president level or higher, including the C-suite and board of directors. There are no quotas or deadlines.

This latest pledge is in addition to the ParityPledge in Support of Women, which we previously signed to increase the representation of women in leadership.

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